New Jersey real estate continues to see the strongest price growth in the nation, with an average annual increase of 8.1 percent in the first quarter.
The region has been experiencing an incredible surge in home prices, driven by a number of factors including the region’s strong economic recovery.
The N.H.S. reported that sales were up 11.7 percent year-over-year.
But with inventory being extremely low and prices soaring, real estate agents say prices have remained high despite the strong growth.
“The last six months have been very strong for the state of New Jersey, with very strong demand, particularly in the suburbs,” said Steven A. Fiedler, president of the National Association of Realtors, in a statement.
“This is reflected in the strong number of sales for January, and this month’s sales were also up 10 percent over the same period last year.”
The average price of a new home in New Jersey is currently $2,093, according to Zillow, and an average home is currently worth $541,000, according the National Assn.
of Realty and Zillows Home Value Index.